If there is no cash out this is a rate and term refi. depending on the property type, say commercial, they are more based on the cash-flow/cap rate of the property than your credit score.
If the place is hemorrhaging case, the lender might not case about your credit.
Look at recourse/non-recourse issues and the the mortgage becoming a non-purchase money mortgage.
WHO is doing refi s on property nationwide short term ? This would be on if you were to get a property by sub-2 How short of a term of having the property in your name tell they would refi it ?
These days it is near impossible to refinance investment property for many reasons. First of all let’s define what investment property is. Investment property includes anything that is not a residential, owner occupied property. This can include a non-owner occupied single family home, an apartment building, an office building and even raw land. To refinance each type of investment property requires a different approach.
To clarify, not only will there be far fewer private notes created and thus in the marketplace to buy, but the real problem is that without a balloon payment being allowed, the discount is going to be much greater on the note.
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"A deal is only as good as the quality of your Contracts." --Me[ Edited by LeaseOptionKing on Date 08/06/2011 ]
I would like to know more on this as well . As well ones that will do it for ficos in the low 600 and 500
And ones that will do it nationwide
If there is no cash out this is a rate and term refi. depending on the property type, say commercial, they are more based on the cash-flow/cap rate of the property than your credit score.
If the place is hemorrhaging case, the lender might not case about your credit.
Look at recourse/non-recourse issues and the the mortgage becoming a non-purchase money mortgage.
WHO is doing refi s on property nationwide short term ? This would be on if you were to get a property by sub-2 How short of a term of having the property in your name tell they would refi it ?
These days it is near impossible to refinance investment property for many reasons. First of all let’s define what investment property is. Investment property includes anything that is not a residential, owner occupied property. This can include a non-owner occupied single family home, an apartment building, an office building and even raw land. To refinance each type of investment property requires a different approach.
To clarify, not only will there be far fewer private notes created and thus in the marketplace to buy, but the real problem is that without a balloon payment being allowed, the discount is going to be much greater on the note.
_________________
"A deal is only as good as the quality of your Contracts." --Me[ Edited by LeaseOptionKing on Date 08/06/2011 ]
I think I put this in the wrong category. MODS - can you please move it?
thanks!